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The currency of the UAE is Dirham (Dh), or the Arab Emirate Dirham (AED), as known
in the international business. Introduced in 1973, the UAE Dirham is tied to the
US Dollar at a steady exchange rate of $US 1= Dh 3.675 since 1980. The UAE currency
notes are available in denominations of 5,10,20,50,100,200,500 and 1000 Dirhams.
One Dirham equals 100 Fils. Coins are available in denominations of 1,5,10,25
and 50 fils, and 1 Dirham. However, coins with a denomination below 25 fils
are of little value and are rarely used in the market. Banks usually give the
best rates on foreign currency exchange but hotels and airports provide quick
services and remain open outside banking hours.
There are internationally renowned banks having offices in major cities of
the UAE. You can also exchange your currency at innumerable money exchange houses
but their rates may be higher. Bank timings are: 8 am-1 pm while money exchange
houses operate between 8 am-1 pm and 4:30 pm-8:30 pm.
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